 |
Joele Frank is handling Blackbaud, the Charleston-based $1.1B marketer of software designed to empower social impact, as it fends off an unsolicited takeover bid from Clearlake Capital Group.
The $71 per share offer is a 25.9 percent premium over the 30-day average trading price of Blackbaud’s stock for the period ended March 24.
Blackbaud’s board has determined that the proposal is highly opportunistic and significantly undervalues the company.
Chairman Andrew Leitch called the bid an overt attempt to put Blackbaud in play.
Non-profits and educational institutions use Blackbaud’s software for fundraising, grantmaking and financial management.
Joele Frank, Wilkinson Brimmer Katcher’s Jamie Moser and Nick Lamplough represent Blackbaud.
Lambert’s Jennifer Hurson is working for Clearlake Capital Group, which is headquartered in Santa Monica.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
